It is able to drill the extension zone now a land transfer has been completed and geological analysis indicated it was a highly prospective area.

Nevada Copper said its fully permitted underground mine was expected to move into construction shortly. It is expected to produce an average 50 million pounds of copper annually over 23 years and the company is targeting first production in mid-2019.

An optimisation study is underway, targeting a reduced capex, staged development approach, for the separate, large-scale openpit project.

New CEO Matthew Gili started this month, one of several key appointments as the company moves towards development.

It struck a US$378 million construction financing and recapitalisation plan in December and completed a C$128 million (US$100 million) equity raising in January through the issue of special warrants at 50c.

Nevada Copper shares have ranged between 41-84c over the past year and closed down 4c or 5.71% yesterday to 66c, capitalising it at $293.8 million.